Technical outlook and chart setups:
1. Silver is bouncing off ahead of $19.00 levels as seen here. The metal has kept the immediate line of support intact for now. A push above $20.00 and subsequently $20.40 from here would confirm that bulls are back in control and dips could be bought. Recommendation for now is to remain flat.
2. Support is seen at $19.20/19.00 levels, followed by $18.90, $18,75 and lower while resistance is seen at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver needs to break below $19.00 and subsequently below $18.75 levels to confirm bearish reversal. Till then prices would want to push higher.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of Silver for May 19, 2014 . Thanks for your support on Technical analysis of Silver for May 19, 2014
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